Point72 Asset Management · Steve Cohen
Latest 13F holdings with ERM3 risk decomposition — how much of the portfolio's return is market beta versus genuine stock-picking, and where the residual risk concentrates.
- Reported AUM
- $71.6B
- Holdings
- 1924
- Top-10 weight
- 12%
- As of
- 2026-06-30
- Filed
- 2026-08-14
Return attribution — beta or stock-picking?
Sum of monthly ERM3 attribution over the trailing 12 months (2025-07-31 → 2026-06-30), modeled subset of holdings. Roughly 5% of the gross return came from stock selection (residual return) — most of the return came from factor exposure, not selection.
Gross
+27.8%
Market
+23.1%
Sector
+4.0%
Subsector
-1.2%
Stock selection
+1.5%
Top holdings
1924 reported positions; top 15 shown. “Stock-specific” is the share of each position's variance not explained by market, sector, or subsector factors.
| # | Holding | Weight | Value | Stock-specific |
|---|---|---|---|---|
| 1 | AMZNAmazon.com, Inc. | 1.7% | $1.2B | 46% |
| 2 | AMDAdvanced Micro Devices, Inc. | 1.4% | $1.0B | 46% |
| 3 | MUMicron Technology, Inc. | 1.4% | $997M | 41% |
| 4 | PGProcter & Gamble Company | 1.3% | $964M | 49% |
| 5 | ANETArista Networks, Inc. | 1.3% | $916M | 67% |
| 6 | MKSIMKS Inc. | 1.2% | $890M | 55% |
| 7 | SNOWSnowflake, Inc. | 1.1% | $820M | 61% |
| 8 | ORCLOracle Corporation | 1.0% | $686M | 62% |
| 9 | RTXRTX Corporation | 0.9% | $667M | 46% |
| 10 | AVGOBroadcom Inc. | 0.9% | $643M | 50% |
| 11 | AMATApplied Materials, Inc. | 0.8% | $556M | 33% |
| 12 | JNJJohnson & Johnson | 0.8% | $549M | 58% |
| 13 | INTCIntel Corporation | 0.8% | $546M | 58% |
| 14 | METAMeta Platforms Inc Class A | 0.7% | $521M | 57% |
| 15 | COFCapital One Financial Corp | 0.7% | $515M | 43% |
99% of reported AUM is in the ERM3 model universe; attribution and risk shares cover that subset. Source: SEC Form 13F-HR, filed 2026-08-14.
How concentrated is this book?
Quarter-end concentration across 49 filings from 2014-06-30 to 2026-06-30, with the latest filing set against this manager's own median.
- Effective N
- 275.9
- median 137.9
- Top 5 weight
- —
- no median
- Top 10 weight
- 12.3%
- median 17.5%
- Weight HHI
- —
- no median
Effective N is inverse-Herfindahl breadth, not a holding count: it falls well below the number of positions when one name dominates, which is the case worth seeing. This book held 1,924 positions at 2026-06-30.
Interrogate this portfolio
Ask the AI risk analyst what changed last quarter, where the concentration risk sits, or how your portfolio overlaps with Steve Cohen's.